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Registration number: 12243927

RGJ Footwear Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

image-name
 

RGJ Footwear Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

Detailed Profit and Loss Account

11 to 13

 

RGJ Footwear Ltd

Company Information

Directors

Mr JR Torrington

Mrs SM Torrington

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
RGJ Footwear Ltd
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of RGJ Footwear Ltd for the year ended 31 May 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of RGJ Footwear Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of RGJ Footwear Ltd and state those matters that we have agreed to state to the Board of Directors of RGJ Footwear Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RGJ Footwear Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that RGJ Footwear Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of RGJ Footwear Ltd. You consider that RGJ Footwear Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of RGJ Footwear Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

14 February 2024

 

RGJ Footwear Ltd

(Registration number: 12243927)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

63,866

5,959

Investment property

5

818,072

818,072

Investments

6

100,000

102,500

 

981,938

926,531

Current assets

 

Debtors

7

1,226,124

753,210

Cash at bank and in hand

 

777,471

917,530

 

2,003,595

1,670,740

Creditors: Amounts falling due within one year

8

(92,405)

(40,911)

Net current assets

 

1,911,190

1,629,829

Total assets less current liabilities

 

2,893,128

2,556,360

Provisions for liabilities

(6,636)

(536)

Net assets

 

2,886,492

2,555,824

Capital and reserves

 

Called up share capital

2,600

2,600

Retained earnings

2,883,892

2,553,224

Shareholders' funds

 

2,886,492

2,555,824

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

RGJ Footwear Ltd

(Registration number: 12243927)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................
Mr JR Torrington
Director

 

RGJ Footwear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. Registration number 12243927.

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the Board on 14 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

RGJ Footwear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on cost

Plant, machinery and equipment

15% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

RGJ Footwear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2022 - 2).

 

RGJ Footwear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

2

8,664

8,666

Additions

-

65,782

65,782

Disposals

-

(8,664)

(8,664)

At 31 May 2023

2

65,782

65,784

Depreciation

At 1 June 2022

-

2,707

2,707

Charge for the year

-

3,542

3,542

Eliminated on disposal

-

(4,331)

(4,331)

At 31 May 2023

-

1,918

1,918

Carrying amount

At 31 May 2023

2

63,864

63,866

At 31 May 2022

2

5,957

5,959

5

Investment properties

2023
£

At 1 June

818,072

At 31 May

818,072

There has been no valuation of investment property by an independent valuer.

 

RGJ Footwear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

2,500

Investments in associates

100,000

100,000

100,000

102,500

Subsidiaries

£

Cost or valuation

At 1 June 2022

2,500

Disposals

(2,500)

At 31 May 2023

-

Carrying amount

At 31 May 2023

-

At 31 May 2022

2,500

Associates

£

Cost

At 1 June 2022

100,000

At 31 May 2023

100,000

Carrying amount

At 31 May 2023

100,000

At 31 May 2022

100,000

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

20,442

5,681

Amounts owed by related parties

9

716,661

712,169

Prepayments

 

3,379

3,088

Other debtors

 

485,642

32,272

   

1,226,124

753,210

 

RGJ Footwear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,730

3,583

Other creditors

54,039

18,490

Accruals

1,943

1,850

Income in advance

18,194

6,186

Corporation tax control

7,413

9,996

PAYE and NIC creditor

29

-

VAT Control account

5,057

806

92,405

40,911

9

Related party transactions

Summary of transactions with other related parties


B Torrington
An employee and relative of the director.

During the year, the company charged B Torrington rent of £6,000 (2022: £6,000). Rent arrears at the balance sheet date were £4,500 (2022: £1,500). Rent is charged at a rate in line with market value.

The balance owing from B Torrington at the balance sheet date is £30,772 (2022: £32,172) in respect of employee loans.

 

 

RGJ Footwear Ltd

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

Turnover (analysed below)

80,997

79,773

Administrative expenses

Employment costs (analysed below)

9,908

-

Establishment costs (analysed below)

11,920

10,720

General administrative expenses (analysed below)

19,583

18,742

Finance charges (analysed below)

48

32

Depreciation costs (analysed below)

3,542

2,165

Other expenses (analysed below)

(341,669)

-

(296,668)

31,659

Operating profit

377,665

48,114

Other interest receivable and similar income (analysed below)

24,406

206

Interest payable and similar expenses (analysed below)

(80)

-

24,326

206

Profit before tax

401,991

48,320

 

RGJ Footwear Ltd

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Turnover

Rental income from investment property

77,497

76,273

Leasing of equipment

3,500

3,500

80,997

79,773

   

Employment costs

Wages and salaries (excluding directors)

5,689

-

Staff NIC (Employers)

2,126

-

Staff pensions (Defined contribution)

93

-

Directors pensions (Defined contribution)

2,000

-

9,908

-

   

Establishment costs

Rent

3,158

3,901

Water rates

1,074

840

Light, heat and power

3,177

1,534

Insurance

2,234

1,794

Repairs and renewals

2,277

2,651

11,920

10,720

   

General administrative expenses

Telephone and fax

787

364

Printing, postage and stationery

184

128

Charitable donations

-

53

Motor expenses

3,840

7,817

Travel and subsistence

431

274

Advertising

720

-

Customer entertaining (disallowable for tax)

706

50

Accountancy fees

7,348

6,459

Legal and professional fees

5,567

3,597

19,583

18,742

   

Finance charges

Bank charges

48

32

   

Depreciation costs

Depreciation of motor vehicles (owned)

3,542

2,165

 

RGJ Footwear Ltd

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

(8,168)

-

(Gain)/loss on disposal of fixed asset Investments - subsidiary loan/shares

(333,501)

-

(341,669)

-

   

Other interest receivable and similar income

Bank interest receivable

5,638

-

Other interest receivable

18,768

206

24,406

206

   

Interest payable and similar expenses

Other interest payable

(80)

-